The largest African-based crypto exchange by trade volume, VALR, has increased its user count to over one million, doubling its user base in 2024.

Per a celebratory post on X by the exchange platform, “We’re proud to announce that VALR has surpassed 1 million users, doubling our user base in 2024! Whether you’ve been with us from the start or joined recently, we’re excited to keep building a future where finance unites, not divides.”

Notedly, the platform was founded in 2018 and has accrued a total user base of about 500,000 in about 5.5 years. Through several global expansion measures, VALR multiplied its user base by two within the last 6 months.

Accordingly, this milestone achievement by the South Africa-based crypto exchange highlights the platform’s dedication to user base expansion amidst the growing demand for seamless crypto exchange services in Africa and other parts of the world.

Within its one million-strong user base, the VALR exchange platform boasts over 1,000 corporates and institutional clients. In addition, VALR’s international presence (outside South Africa) has grown with every 1 in 4 VALR users being foreign to South Africa.

It is noteworthy that the exchange is compliant with regulatory guidelines, having received both Categories 1 and 2 licensing from the South African regulator: the Financial Sector Conduct Authority (FSCA). For context, regulatory compliance has contributed significantly to the exchange’s local and international expansion.

Speaking on the exchange’s recent achievement, Farzam Ehsani, CEO and Co-founder at VALR described it as “a very exciting milestone for VALR!“

Significantly, VALR’s remarkable growth underscores its pivotal role in driving crypto adoption across Africa and beyond.